Sistema de Información Científica Redalyc
Red de Revistas Científicas de América Latina y el Caribe, España y Portugal
Inglés Español
This paper analyzes whether the real exchange-rate of the Mexican peso/US dollar revert to a long-run equilibrium value, and whether this value is unique. We use a method for testing stationarity, that allows for an unknown number of structural breaks in the level of the series. Using a long span of annual data covering the period 1925-1994, our results provide evidence favoring long-run Quasi-Purchasing Power Parity. In particular, we find that the real peso/dollar exchange rate has fluctuated stationarily around a 70 year long-run level, perturbed by a series of events, both domestic and external, in or around 1981.

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Universidad Autónoma del Estado de México
Sistema de Información Científica Redalyc ®
Versión 3.0 | 2018